December 17, 2014-January 6, 2015 —
COLORADO REAL ESTATE JOURNAL
— Page 3AA
Health Care
by Jennifer Hayes
Centum Health Properties
and Signature Partners recent-
ly paired up to purchase the
Greenwood Medical Center –
the partnership’s third medical
office building acquisition over
the past nine months.
The local investor group paid
$3.9 million for the Greenwood
Medical Center, a 42,052-square-
foot building at 7180 E. Orchard
Road in Centennial.
The acquisition of the build-
ing follows the purchase of the
Two Ponds Medical Building
at 9950 W. 80th Ave. in Arvada
and the Wadsworth Medical
Building at 5920 S. Estes St. in
Littleton by the group earlier
this year.
“Centum Health Proper-
ties and Signature Partners are
thrilled to add another medical
building to our growing portfo-
lio,” said W. Scott Reichenberg,
co-founder of Signature Part-
ners.
“The three new assets account
for approximately 95,000 square
feet added to
the portfo-
lio in 2014,”
added James
Turpen, CEO
of Centum
Health Prop-
erties, who
noted
the
group intends
to add two to
three assets to
the portfolio in the coming year.
“This team has a very success-
ful track record and is excited to
continue growing the portfolio
with opportunistic health care
real estate ventures.”
The value-add nature of
the asset was attractive to the
group, as it seeks outdated or
distressed medical office build-
ings and repositions them with
“significant” upgrades.
Currently, the Greenwood
Medical Center, constructed
in 1979, is 73 percent occupied
by tenants including Colorado
Anesthesia and Plastic Surgery,
Synergy Healthcare and Dr.
William Silvers.
The new owners plan to
invest slightly more than $1
million in improvements to the
three-story building, including
upgrading the common areas
and HVAC systems, modern-
izing the elevators and upgrad-
ing the building entrance. As
well, new exterior finishes will
be added, including work to
the building façade, parking
lot, building signage and land-
scaping.
Work on the building started
this month with completion
anticipated at the end of the
first quarter or the start of the
second quarter of 2015.
Renovations will provide for
a number of turnkey suites.
Available spaces at the Green-
wood Medical Center start at
600 sf and go up to a 5,727-sf
space, whose size and location
on the first floor could be ideal-
ly suited to a dialysis or ortho-
pedic group, noted Turpen.
Leasing will be handled in-
house with rates starting at
$15.95 per sf triple net with all-
inclusive operating expenses of
$8.48 per sf. As well, Turpen
noted the property will offer a
generous tenant finish allow-
ance.
The Greenwood Medical
Center was sold by IINV LLC.
Chris Bodnar and Lee Asher
of the U.S. Healthcare Capital
Markets Group teamed with
Dann Burke, Dave Buck and
Kory Fasing in the Colorado
market as the seller's exclusive
adviser.
Other value-add projects
Centum Health Properties and
Signature Partners completed
together included the Range
Vista Medical Office Building
in Westminster, which they
sold to a health care real estate
investment trust.
Founded by Neil Littmann
and W. Scott Reichenberg, Sig-
nature Partners is a privately
held local real estate invest-
ment and development com-
pany that specializes in acqui-
sition, development, manage-
ment and disposition of real
estate investments for its inves-
tors. Centum Health Properties
is a full-service health care real
estate firm focused on provid-
ing health care facilities that
enhance the patient and pro-
vider experience.
Other News
n
William Storms Allergy
Clinic
renewed its 8,832-square-
foot lease at the Union Medical
Campus at 1625 Medical Center
Point in Colorado Springs.
Peter Scoville
of
Colorado
Springs Commercial, a Cush-
man & Wakefield Alliance
assisted the new owners of the
building,
RAIT Financial,
in the
long-term lease renewal.
n
Ascent Orthotics & Pros-
thetics
inked a seven-year lease
at 7336 S. Yosemite St. in Cen-
tennial.
Bruce Pfabe
of
Keller Wil-
liams Realty DTC
represented
the tenant in the 2,387-sf lease.
The floor where Ascent
leased space is a condomini-
um sold by
Jan Friedlander
of
Friedlander Commercial
Real Estate
to
Rocky Moun-
tain Pediatric Endocrinology,
which occupies the remainder
of the floor. The floor is now 100
percent occupied.
The lower floor is owned and
occupied by a plastic surgeon.
s
Centum Health Properties and Signature Partners acquired the Greenwood Medical Center in Centennial, the
partnership’s third medical office building purchased over the past nine months.
James Turpen
